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What is this on the penny?
Looking through some memorial pennies I found this anomaly through the word cent on Reverse. 

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Looking through some memorial pennies I found this anomaly through the word cent on Reverse. 

Answers
Looks like a funny blister from the plating process to me
looks to square for a blister
could be a die gouge
Could go along with that as well
Strange how the letters seem to be on top of it.
Strange how the letters seem to be on top of it
Not strange at all, perfectly normal.
Thats because the low part of the cent is the high part of the die and the copy is the low part of die.
The die gets the high part gouged not touching the low part.